MAXSAFE® DEPOSIT ACCOUNTS WITH UP TO $3.75 MILLION IN FDIC INSURANCE.

Safety and security of your deposit account is paramount today. Making sure your deposits are covered by the FDIC is something every one and every company should do. By titling accounts properly a typical couple may quickly achieve $1,000,000 in FDIC insurance from our bank. But, what if you have a larger deposit, are seeking FDIC insurance and don’t know what to do?

The MaxSafe Account is designed for those seeking a Certificate of Deposit (CD) or Money Market Account (MMA) with additional FDIC insurance. MaxSafe is an innovative and unmatched investment alternative that provides up to

15 times the FDIC security of a traditional banking deposit. We’ll also simplify your life by providing one summary statement and one 1099 form at tax time.

In today’s volatile marketplace, the added security and convenience of up to $3.75 million in FDIC insurance means peace of mind. How can we offer this unparalleled level of protection? By depositing your funds across a group of 15 affiliated community banks. Fifteen banks equals fifteen times the usual $250,000 level of FDIC maximum protection. However, you must consider the funds you have on deposit at our bank.

Some common frequently asked questions about MaxSafe are:

What are the particulars of the MaxSafe® CD?

It is an automatically renewable, fixed-rate Certificate of Deposit (of a chosen term) with FDIC insurance of up to $3.75 million per titled account. It is available for consumers, businesses and not-for-profits. It is not currently available for IRA’s, however. A minimum deposit of $100,000 is required to open a MaxSafe CD.

What is the MaxSafe® Money Market Account?

It is a Money Market Account (MMA), with the typical limitation of transactions per month like a normal money market account (please ask a personal banker for more details) insurance of up to $3.75 million per titled account. It is available for consumers, businesses and not-for-profits. A minimum deposit of $250,000 is required to open a MaxSafe MMA. A minimum service charge of $75 will be assessed if the balance falls below $250,000.

How can you offer such a high level of additional FDIC protection?

With 15 separate, but affiliated, community banks in Illinois and Wisconsin, we are able to combine each bank’s individual FDIC protection and offer our customers the benefit of 15 times the normal $250,000 level of FDIC Insurance. All fifteen of these banks are all fully FDIC Insured and “well capitalized” per the FDIC and other government regulatory bodies. A custody account from our affiliate, Wayne Hummer Trust Company, N.A., is opened via a MaxSafe professional, and funds are deposited on your behalf across these 15 banks.

Is this legal? Is the FDIC OK with this?

This is absolutely legal and is perfectly in compliance with FDIC rules and regulations. While almost no banks in the Chicago area offer this service as of yet, a number of national brokerage houses offer a similar extra-FDIC insured program.

For more information and frequently asked questions, please stop by the bank and speak with a personal banker. For more information on FDIC Insurance coverage, please visit http://www.fdic.gov.

Facebook Posts

Tweets

Please note that this space is a public and open social community. User posts and other user-generated content may reflect views that are not endorsed or guaranteed by the bank. The bank is not responsible for the perspectives, comments, views, recommendations or advice of any users or businesses who engage and participate in this social community.
Remember, this is a PUBLIC forum, so please do NOT display or share your account number(s), social security number, or any other piece of private information you would not want the public to see.
Lastly, please note that this is a moderated forum. We reserve the right to remove or edit posts that contain content that is deemed offensive or inappropriate.
Thank you and we look forward to meaningful conversations with you!